The Bank of England reports that the increase in total net lending to individuals in November of £10.9b was higher than the increase in October and the previous six month average. The twelve-month growth rate was unchanged from October at 10.4%, but the three-month annualised growth rate increased by 0.3% to 10.6%.
Within the total, net lending secured on dwellings increased by £9.8b, higher than in October. The twelve-month growth rate increased by 0.1% to 11.4%, and the three-month annualised growth rate increased by 0.2% to 11.5%.
The numbers of loans approved for house purchase (129,000), remortgaging (112,000) and other purposes (79,000) were all higher than in October.
The increase in consumer credit of £1.0b was slightly lower than in October. Net credit card lending grew by £0.2b in November and net other loans and advances rose by £0.9b. The annual growth rate of consumer credit was unchanged from October at 6.2% and the three-month annualised growth rate increased by 0.4 percentage points to 6.0%.
